We define philanthropy as the giving of resources in an engaged and strategic way for maximum impact and in a tax efficient manner. It can include the giving of money, assets, time, talent, voice and one’s social capital. We believe in the power of philanthropy as a great social connector and the source of many great opportunities.

A new generation of young London workers want to donate more time, skills and money to charity, according to our latest report.

53% of under-35s working full time in London want to volunteer more than they do - this reaches 60% in the youngest 18-24* age group and compares with 35% for the oldest age group of those aged 55 and over.

It finds that 38% of under-35s say the global economic crisis made them think it is important to give something back, highlighting the impact it has had on young city workers.

Among other findings the research reveals:

three-quarters of respondents agree giving back makes people happier

over 60% say volunteering helps to develop work-related skills.

Current and recent workplace schemes and initiatives are the second largest influence on giving and volunteering amongst under-35s, known as the ‘Millennial generation’, with over a quarter (26%) citing it as a positive influence after friends.

Our report comes as the government recently highlighted their commitment to increasing ‘professional skill sharing’ and Rob Wilson, Minister for Civil Society, urged more employers to support staff volunteering schemes.

Lord Mayor of London, Alan Yarrow says: “Our young people want to use their wealth of talent, spirit and enthusiasm to help those less able to help themselves, but they also want to work for employers that share that ideal. I urge employers to be part of a working culture that promotes responsibility for the wider world – a working culture of which London can be proud.”

While four-fifths of London employees surveyed already give money to charity, over a third (35%) of respondents under-35 want to give more; this falls to just over 20% for those over-35. Young city workers could be looking for new ways to give, with over a fifth (21%) of under-35s interested in alternative ways of giving, such as social investment, rising to 29% amongst 18-24 years olds.

As on-going spending reductions see charities facing increasing demand for their services while budgets decline, our research highlights the need for the City to tap into the philanthropic potential of a younger generation.

City Philanthropy’s Cheryl Chapman, says: “With the pressures on London’s infrastructure growing daily, and a further era of spending cuts, this philanthropic impulse is a potential asset for the voluntary sector which we cannot afford to neglect. There is a prime opportunity for employers to harness ‘Millennial Power’ and encourage younger workers in citizenship, developing skills that benefit the wider world as well as their own careers.”

The research indicates over a third (34%) of young people under-35 want access to organisations that could match their skills and experience with an appropriate charity.

Report co-author, Cathy Pharoah says: “Philanthropy makes a contribution to innumerable aspects of society’s well-being, but we continue to face the challenge of how to increase it in a time of budget cuts and many growing and competing demands. All the evidence indicates that giving has remained fairly flat for some years. The results of this research are exciting because they reveal significant new potential to increase the numbers of young people involved in giving and volunteering. It is within our reach to build a stronger base for future giving.”

We recommend that London’s employers create more workplace-based opportunities to give younger employees a route into more volunteering and giving and value it more explicitly as part of a work culture.

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City Philanthropy – A Wealth of Opportunity is a three-year project funded by the City of London Corporation's charity City Bridge Trust. It aims to promote more effective philanthropy among City professionals earlier in their careers and position the City of London as a leading global centre for philanthropy. To find out more click here